Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Fair Value Disclosure [Abstract]

Summary of the Balances of Assets Measured at Fair Value

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025:

Fair Value Measurements

As of March 31, 2026


		Level 1				Level 2				Level 3				Total
Assets:
Bank Debt/Senior Secured Loans		$	—			$	—			$	47,234			$	47,234
Total Investments		$	—			$	—			$	47,234			$	47,234



Fair Value Measurements
As of December 31, 2025




		Level 1				Level 2				Level 3				Total
Assets:
Bank Debt/Senior Secured Loans		$	—			$	—			$	46,395			$	46,395
Total Investments		$	—			$	—			$	46,395			$	46,395

Summary of the Changes in Fair Value of Level 3 Assets

The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2026, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2026:


		Bank Debt/Senior Secured Loans				Total
Fair value, December 31, 2025		$	46,395			$	46,395
Total gains or losses included in earnings:
Net realized gain (loss)			—				—
Net change in unrealized gain (loss)			(37	)			(37	)
Purchase of investment securities*			3,752				3,752
Proceeds from dispositions of investment securities			(2,876	)			(2,876	)
Transfers into Level 3			—				—
Transfers out of Level 3			—				—
Fair value, March 31, 2026		$	47,234			$	47,234
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)		$	(37	)		$	(37	)

* Includes PIK capitalization and accretion of discount.

The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2025:


		Bank Debt/Senior Secured Loans				Total
Fair value, December 31, 2024		$	38,271			$	38,271
Total gains or losses included in earnings:
Net realized gain (loss)			—				—
Net change in unrealized gain (loss)			(180	)			(180	)
Purchase of investment securities*			6,032				6,032
Proceeds from dispositions of investment securities			(6,523	)			(6,523	)
Transfers into Level 3			—				—
Transfers out of Level 3			—				—
Fair value, March 31, 2025		$	37,600			$	37,600
Unrealized gains for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain		$	12			$	12

* Includes PIK capitalization and accretion of discount.

Summary of Quantitative Information about the Company's Level 3 Asset Fair Value Measurements

Quantitative information about the Company’s Level 3 asset fair value measurements as of March 31, 2026 and December 31, 2025 is summarized in the tables below:

          
         Asset or
Liability

         Fair Value at
March 31, 2026

         Principal Valuation
Technique/Methodology

         Unobservable Input

         Range (Weighted
Average)

Bank Debt / Senior Secured Loans

Asset

$

47,234

Income Approach

Market Yield

8.5% - 19.1% (10.0%)

          
         Asset or
Liability

         Fair Value at
December 31, 2025

         Principal Valuation
Technique/Methodology

         Unobservable Input

         Range (Weighted
Average)

Bank Debt / Senior Secured Loans

Asset

$

46,395

Income Approach

Market Yield

8.5% - 14.2% (10.0%)

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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